As we are in the Mid-decade numerous changes are approaching the world. In the past, we have gone through War, Economic turbulence, Climate change, Pandemics, Politics, etc.,
News and Current updates reveal that there are 9 major global trends that shows future with full of Innovations, Research, and Unpredictable stuff in the upcoming year.
- Generation Gap: As per the research provided by the Institute for Economic Equity the social status in 2024 will have tremendous changes in the Wealth gap. For example, Young Americans i.e., Millennials and Gen Zers owned $1.33 for every $1 wealth owned by Gen Xers and $1.21 for every $1 of wealth owned by Baby Boomers at the same age.
This shows the gap in gaining wealth and property ownership between generations. This might make it harder for people to move up in society and could split politics further.
2. Evolution of Work: The work style in today's world changed predominantly after the pandemic. WFH(Work from Home), Hybrid roles become popular in most organizations and will lead to increased Social isolation and social cohesion also create mental health issues. It impacts global mobility. These changes will make it hard to manage the organizations and people in 2024.
3. "Advancing AI: Ethics & Legislation": In 2024, as AI machines become popular and widespread there is also a red alert pushing to address the Ethical and Legislative implications of AI. Even though AI brings innovations and benefits it also raises fear among humans in terms of replacing jobs and social inequality. However, with numerous measures being considered globally to regulate AI, there's hope for responsible development. It presents a critical opportunity to shape the future.
4. The Battle for AI Supremacy- Chip Technologies: Chip shortage is becoming the biggest issue in the current year there aren't enough computers Everyone wants them, but the companies that make them can't keep up. It's like a race to get the last chip, and whoever gets it could become a big player in the tech world. These chips are vital for businesses and researchers working on AI.
Despite the huge growth expected in the AI market, reaching $1.3 trillion by 2030, we are in the situation to fix this chip shortage to make the most of AI in 2024.
5. Climate Change — A Priority for Businesses and Global Leaders: In 2024, surveys by both INSEAD and the WEF highlight climate change as a top concern for businesses and global leaders and also state that climate change wasn't prioritized.
However, discussions on business sustainability, including topics like sustainable finance and nature-based solutions, were prominent. INSEAD showcased methods to enhance sustainability in supply chains, emphasizing the importance of long-term environmental thinking in business management.
6. Social Instability: It is Fueled by factors such as Societal polarization and distrust in institutions, and ranks as the second-largest threat to businesses in 2024. It's identified by 44% of experts.The rise of AI-generated misinformation worsens this, leading to Weakening governance. Businesses are responding by prioritizing social responsibility and transparency to mitigate risks and build trust.
7. "Revolutionizing Healthcare: The Era of Personalized Precision Medicine": In 2024, personalized medicine is taking center stage in healthcare. Treatment plans are no longer generic but customized based on individual genetic characteristics and health patterns.
Technologies like CRISPR gene editing and rapid diagnostics are revolutionizing healthcare, promising better outcomes and resource efficiency.
8. "Crude-to-Chemicals: Driving Forward in the Energy Evolution": As Electrical vehicles are taking over the oil and gas industry is taking a shift with the rise of crude to chemical processing.
It's a win-win situation with increasing profits and a greener planet with the effective use of fossil fuels.
9."B2B Marketplace 2.0: Revolutionizing Digital Commerce": B2B e-commerce isn't just a passing trend; it's undergoing a revolution. By 2025, digital transactions will dominate the B2B landscape, extending into traditional industries.
The industrial marketplace place becomes the connector that facilitates digital commerce between buyers and sellers. And also B2B companies are expected to transition from transaction platforms to comprehensive customer lifecycle relationship tools.
All these trends clearly show that the world is undergoing a major uplift and profound transformation in 2024 and shortly. Let us see what happens.!!
— Varsha Priya Kesavan.